Book excerpt: Growth unleashes benefits beyond the economic. It revitalizes organizations and invigorates the people in them, creating energy, a sense of purpose, and the glow of being on a winning team. Like the alchemy of old, it seeks to transform the everyday into the exalted by means that seem little short of magical. Yet growth is often elusive, achieved at unacceptable costs, or managed in fits and starts. Based on over three years of research and application at high-performing companies around the world, The Alchemy of Growth is a comprehensive, practical approach to initiating, achieving, and sustaining profitable growth—today and tomorrow. As the book shows, the secret is to manage business opportunities across three time horizons at once: extending and defending core businesses, building new businesses, and seeding options for the future. The Alchemy of Growth offers managers at all levels the tools and concepts for investing in the right initiatives, capabilities, and talent to propel their companies into the future.